QQC-F.TO vs. ZSP.TO

Last updated Jun 4, 2026

QQC-F.TO (Invesco NASDAQ 100 Index ETF CAD Hedged) and ZSP.TO (BMO S&P 500 Index ETF) are both exchange-traded funds - QQC-F.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while ZSP.TO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, QQC-F.TO returned 20.30%/yr vs 15.98%/yr for ZSP.TO. A 0.74 correlation means they provide meaningful diversification when combined. QQC-F.TO charges 0.20%/yr vs 0.09%/yr for ZSP.TO.

Performance

QQC-F.TO vs. ZSP.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Invesco NASDAQ 100 Index ETF CAD Hedged (QQC-F.TO) and BMO S&P 500 Index ETF (ZSP.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QQC-F.TO achieves a 19.79% return, which is significantly higher than ZSP.TO's 12.15% return. Over the past 10 years, QQC-F.TO has outperformed ZSP.TO with an annualized return of 20.30%, while ZSP.TO has yielded a comparatively lower 15.98% annualized return.

QQC-F.TO

• 1D: -0.22%
• 1M: 10.71%
• YTD: 19.79%
• 6M: 17.83%
• 1Y: 38.43%
• 3Y*: 26.56%
• 5Y*: 16.33%
• 10Y*: 20.30%

ZSP.TO

• 1D: -0.29%
• 1M: 7.18%
• YTD: 12.15%
• 6M: 10.04%
• 1Y: 28.96%
• 3Y*: 23.44%
• 5Y*: 16.74%
• 10Y*: 15.98%

*Multi-year figures are annualized to reflect compound growth (CAGR)

QQC-F.TO vs. ZSP.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QQC-F.TO Invesco NASDAQ 100 Index ETF CAD Hedged	19.79%	18.41%	24.19%	52.81%	-33.42%	27.15%	45.04%	37.63%	-2.23%	31.94%
ZSP.TO BMO S&P 500 Index ETF	12.15%	12.02%	35.07%	23.30%	-12.68%	27.53%	15.61%	24.69%	3.24%	13.54%

Correlation

The correlation between QQC-F.TO and ZSP.TO is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Nov 27, 2012	0.74

The correlation between QQC-F.TO and ZSP.TO shifts across timeframes, from 0.74 (all time) to 0.85 (5 years), reflecting how their relationship changes across market environments.

QQC-F.TO vs. ZSP.TO - Sectors Allocation Comparison

Sectors	QQC-F.TO	ZSP.TO
Technology	53.8%	35.5%
Communication Services	15.8%	10.9%
Consumer Cyclical	12.3%	10.3%
Consumer Defensive	7.7%	4.8%
Healthcare	4.2%	8.7%
Industrials	2.8%	8.4%
Utilities	1.4%	2.3%
Basic Materials	1.1%	1.8%
Energy	0.6%	3.3%
Financial Services	0.2%	12.1%
Real Estate	0.1%	2.0%

Return for Risk

QQC-F.TO vs. ZSP.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

QQC-F.TO

QQC-F.TO Risk / Return Rank: 66
QQC-F.TO Sharpe Ratio Rank: 73
QQC-F.TO Sortino Ratio Rank: 69
QQC-F.TO Omega Ratio Rank: 68
QQC-F.TO Calmar Ratio Rank: 58
QQC-F.TO Martin Ratio Rank: 60

ZSP.TO

ZSP.TO Risk / Return Rank: 72
ZSP.TO Sharpe Ratio Rank: 76
ZSP.TO Sortino Ratio Rank: 75
ZSP.TO Omega Ratio Rank: 76
ZSP.TO Calmar Ratio Rank: 67
ZSP.TO Martin Ratio Rank: 68

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

QQC-F.TO vs. ZSP.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco NASDAQ 100 Index ETF CAD Hedged (QQC-F.TO) and BMO S&P 500 Index ETF (ZSP.TO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	QQC-F.TO	ZSP.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.43	2.53	-0.09
Sortino ratio: Return per unit of downside risk	3.23	3.45	-0.22
Omega ratio: Gain probability vs. loss probability	1.42	1.47	-0.05
Calmar ratio: Return relative to maximum drawdown	2.93	3.38	-0.44
Martin ratio: Return relative to average drawdown	10.91	12.70	-1.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QQC-F.TO vs. ZSP.TO - Sharpe Ratio Comparison

The current QQC-F.TO Sharpe Ratio is 2.43, which is comparable to the ZSP.TO Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of QQC-F.TO and ZSP.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	QQC-F.TO	ZSP.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.43	2.53	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	1.13	-0.39
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.91	0.98	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	1.15	-0.23

Drawdowns

QQC-F.TO vs. ZSP.TO - Drawdown Comparison

The maximum QQC-F.TO drawdown since its inception was -36.03%, which is greater than ZSP.TO's maximum drawdown of -26.94%. Use the drawdown chart below to compare losses from any high point for QQC-F.TO and ZSP.TO.

Drawdown Indicators

	QQC-F.TO	ZSP.TO	Difference
Max Drawdown Largest peak-to-trough decline	-36.03%	-26.94%	-9.09%
Max Drawdown (1Y) Largest decline over 1 year	-13.16%	-8.61%	-4.55%
Max Drawdown (3Y) Largest decline over 3 years	-22.76%	-18.95%	-3.81%
Max Drawdown (5Y) Largest decline over 5 years	-36.03%	-22.25%	-13.78%
Max Drawdown (10Y) Largest decline over 10 years	-36.03%	-26.94%	-9.09%
Current Drawdown Current decline from peak	-0.22%	-0.29%	+0.07%
Average Drawdown Average peak-to-trough decline	-5.50%	-3.34%	-2.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.53%	2.29%	+1.24%

Volatility

QQC-F.TO vs. ZSP.TO - Volatility Comparison

Invesco NASDAQ 100 Index ETF CAD Hedged (QQC-F.TO) has a higher volatility of 4.49% compared to BMO S&P 500 Index ETF (ZSP.TO) at 3.14%. This indicates that QQC-F.TO's price experiences larger fluctuations and is considered to be riskier than ZSP.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQC-F.TO	ZSP.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.49%	3.14%	+1.35%
Volatility (6M) Calculated over the trailing 6-month period	12.08%	8.65%	+3.43%
Volatility (1Y) Calculated over the trailing 1-year period	15.89%	11.53%	+4.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.45%	14.97%	+7.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.54%	16.36%	+6.18%

QQC-F.TO vs. ZSP.TO - Expense Ratio Comparison

QQC-F.TO has a 0.20% expense ratio, which is higher than ZSP.TO's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

QQC-F.TO vs. ZSP.TO - Dividend Comparison

QQC-F.TO has not paid dividends to shareholders, while ZSP.TO's dividend yield for the trailing twelve months is around 0.75%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQC-F.TO Invesco NASDAQ 100 Index ETF CAD Hedged	0.00%	0.09%	0.50%	0.57%	0.89%	0.66%	0.49%	0.64%	0.77%	0.66%	0.81%	0.76%
ZSP.TO BMO S&P 500 Index ETF	0.75%	0.82%	0.94%	1.33%	1.44%	1.15%	1.44%	1.47%	1.63%	1.63%	2.20%	1.53%

Frequently Asked Questions

Can I hold both QQC-F.TO and ZSP.TO in my portfolio?

QQC-F.TO and ZSP.TO have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QQC-F.TO or ZSP.TO?

On fees, ZSP.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QQC-F.TO or ZSP.TO?

ZSP.TO is cheaper with a 0.09% expense ratio, compared with 0.20% for QQC-F.TO.

What is the main difference between QQC-F.TO and ZSP.TO?

QQC-F.TO is categorized as Nasdaq-100, while ZSP.TO is S&P 500. QQC-F.TO tracks NASDAQ-100 Index, while ZSP.TO tracks S&P 500 Index. They also come from different issuers: Invesco and BMO. Their fees differ too: 0.20% for QQC-F.TO and 0.09% for ZSP.TO.